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Today marks the first day of trading for Tesla (NASDAQ:TSLA) following its recent stock split. After months of waiting for shareholder approval, the company wasted little time putting the 3-for-1 split into action. When markets opened today, investors saw TSLA stock trading at its new split basis price, under $300 per share. The newly split stock has been volatile today, as should be expected when a company undergoes a stock split. But one analyst has already set a bullish price target for TSLA stock. Dan Ives of Wedbush has long been one of Wall Street's most notorious TSLA stock bulls. Now, he sees it hitting $360 per share within the next 12 months. He maintains his "outperform" rating for the stock.

Why does Ives predict this type of growth? Let's dive into his recent report and see what he sees as TSLA stock's future drivers in the post-split market.

TSLA Stock: Dan Ives' Bullish Thesis

In a report issued yesterday, Ives and fellow analyst John Katsingris made the case for why they believe TSLA stock will rise in the coming quarters. Prior to the split, both analysts had set a price target of $1,000 for TSLA stock, which they adjusted to $333 to reflect the split basis price.

We are adjusting our pre-split $1,000 price target ($333 post split) to $360 reflecting the 3:1 split as well as improved production from Tesla out of its key China Giga factory during the September quarter with clear momentum heading into year-end. Maintain Outperform rating.

— Dan Ives (@DivesTech) August 24, 2022

While both analysts see the split as being a positive growth catalyst for TSLA, they have also identified another factor that they predict will boost shares as well. Production in China is increasing as well as at other Tesla gigafactories. As the report notes,

"China production ramping after a brutal 2Q. After brutal shutdowns in April/May due to the zero Covid policy, we are now seeing unprecedented Model Y production in China after factory upgrades with Musk & Co. on a pace to produce over 1 million vehicles annually out of this key product artery. Demand is not the problem for Tesla, but supply has been and is now clearly on an upward trajectory."

The final sentence of that paragraph highlights the central thesis of the bullish Tesla case. Tesla has seen demand rise throughout the year but has found it difficult to keep pace due to supply chain constraints. If Ives and Katsingris are correct, though, that tide may finally be shifting in Tesla's favor. Electrek recently reported that "Tesla has managed to cut Model 3 and Model Y delivery times in China, an important market for the automaker, after upgrading Gigafactory Shanghai to add more production capacity." This further supports the claims made by the Wedbush team that Tesla is successfully ramping up production in Shanghai, a key step if it wants to maintain its share of the global EV market.

Just how much do Ives and Katsingris think Tesla can grow? They answered that as well. "For 2023 we believe 2 million deliveries potential and massive production capacity will be a significant advantage for Tesla in this EV arms race with competition coming from every angle and geography."

Green Tidal Wave

Ultimately, the case made by the Wedbush team traces back to the looming green energy revolution. Ives and Katsingris see Tesla at the center of this industry transformation, which they expect to see play out over the coming decade. The "green tidal wave is a major trend we expect to play out across the industry over the next decade and represents the biggest transformation to the auto industry since the 1950's," the report notes.

If the green tidal wave is coming — and the recent $370 billion climate bill certainly suggests that it is — Tesla is well equipped to lead the charge. By that logic, investors can expect to see TSLA stock continue rising as the world continues shifting toward a greener future, particularly if the company can continue successfully scaling production.

On the date of publication, Samuel O'Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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